MIRA INFORM REPORT
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Report Date : |
05.06.2014 |
IDENTIFICATION DETAILS
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Name : |
NR ELECTRIC CO., LIMITED |
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Registered Office : |
No. 69 Suyuan Avenue, Jiangning District, Nanjing Jiangsu Province 211102 PR |
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Country : |
China |
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Date of Incorporation : |
27.11.1995 |
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Com. Reg. No.: |
320121000027439 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in manufacturing and selling power electronics
equipment |
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No. of Employees : |
1,300 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
CHINA - ECONOMIC OVERVIEW
Since the late 1970s China
has moved from a closed, centrally planned system to a more market-oriented one
that plays a major global role - in 2010 China became the world's largest
exporter. Reforms began with the phasing out of collectivized agriculture, and
expanded to include the gradual liberalization of prices, fiscal
decentralization, increased autonomy for state enterprises, growth of the
private sector, development of stock markets and a modern banking system, and
opening to foreign trade and investment. China has implemented reforms in a
gradualist fashion. In recent years, China has renewed its support for
state-owned enterprises in sectors considered important to "economic
security," explicitly looking to foster globally competitive industries.
After keeping its currency tightly linked to the US dollar for years, in July
2005 China moved to an exchange rate system that references a basket of
currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi
against the US dollar was more than 20%, but the exchange rate remained
virtually pegged to the dollar from the onset of the global financial crisis
until June 2010, when Beijing allowed resumption of a gradual appreciation and
expanded the daily trading band within which the RMB is permitted to fluctuate.
The restructuring of the economy and resulting efficiency gains have
contributed to a more than tenfold increase in GDP since 1978. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, China
in 2013 stood as the second-largest economy in the world after the US, having
surpassed Japan in 2001. The dollar values of China's agricultural and
industrial output each exceed those of the US; China is second to the US in the
value of services it produces. Still, per capita income is below the world
average. The Chinese government faces numerous economic challenges, including:
(a) reducing its high domestic savings rate and correspondingly low domestic
consumption; (b) facilitating higher-wage job opportunities for the aspiring
middle class, including rural migrants and increasing numbers of college
graduates; (c) reducing corruption and other economic crimes; and (d)
containing environmental damage and social strife related to the economy's
rapid transformation. Economic development has progressed further in coastal
provinces than in the interior, and by 2011 more than 250 million migrant
workers and their dependents had relocated to urban areas to find work. One
consequence of population control policy is that China is now one of the most
rapidly aging countries in the world. Deterioration in the environment -
notably air pollution, soil erosion, and the steady fall of the water table,
especially in the North - is another long-term problem. China continues to lose
arable land because of erosion and economic development. The Chinese government
is seeking to add energy production capacity from sources other than coal and
oil, focusing on nuclear and alternative energy development. Several factors
are converging to slow China's growth, including debt overhang from its
credit-fueled stimulus program, industrial overcapacity, inefficient allocation
of capital by state-owned banks, and the slow recovery of China's trading
partners. The government's 12th Five-Year Plan, adopted in March 2011 and
reiterated at the Communist Party's "Third Plenum" meeting in
November 2013, emphasizes continued economic reforms and the need to increase
domestic consumption in order to make the economy less dependent in the future
on fixed investments, exports, and heavy industry. However, China has made only
marginal progress toward these rebalancing goals. The new government of
President XI Jinping has signaled a greater willingness to undertake reforms
that focus on China's long-term economic health, including giving the market a
more decisive role in allocating resources.
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Source
: CIA |
Company
name and address
NR ELECTRIC CO., LIMITED
NO. 69 SUYUAN AVENUE, JIANGNING DISTRICT, NANJING
JIANGSU PROVINCE 211102 PR CHINA
TEL: 86 (0) 25-87178888/87178799/87178796
FAX: 86 (0) 25-87178999
EXECUTIVE
SUMMARY
Date of Registration : november 27, 1995
REGISTRATION NO. : 320121000027439
LEGAL FORM : Limited Liability Company
CHIEF EXECUTIVE :
shen guorong (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 800,000,000
staff :
1,300
BUSINESS CATEGORY : MANUFACTURING
& TRADING
Revenue :
n/a
EQUITIES :
n/a
WEBSITE : www.nari-relays.com
E-MAIL :
market@nari-relays.com
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : n/a
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.24 = USD 1
Adopted abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL
TREND & GENERAL REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was established as a limited liabilities company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 320121000027439 on November 27, 1995.
SC’s Organization Code Certificate No.:
24980042-5
SC’s Tax No.: 320121249800425
SC’s registered capital: CNY 800,000,000
SC’s paid-in capital: CNY 800,000,000
Registration Change Record:-
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Shen Guorong |
20.761 |
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NARI Group Corporation |
79.239 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative, Chairman, and General Manager |
Shen Guorong |
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Director |
Wu Weining |
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Yan Huafeng |
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Leng Jun |
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Li Jiuhu |
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Supervisor |
Wang Yanliang |
|
Xi Ping |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Shen Guorong 20.761
NARI Group Corporation 79.239
NARI Group Corporatio
=====================
Date of Registration: February 27, 1993
Registration No.: 320191000002840
Chief Executive: Xiao Shijie
Registered Capital: CNY 800,000,000
MANAGEMENT
Shen Guorong, Legal Representative, Chairman and General
Manager
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Gender: M
Qualification: University
Working experience
(s):
From 1995 to present, working in SC as legal representative, chairman
and general manager
Director
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Wu Weining
Yan Huafeng
Leng Jun
Li Jiuhu
Supervisor
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Wang Yanliang
Xi Ping
BUSINESS OPERATION
SC’s registered business scope includes contracting overseas
projects; dispatching labors; developing, manufacturing and selling power
protection and control systems and equipment, power electronics equipment,
intelligent switching and monitoring equipment, industrial automation systems
and related computer equipment, providing technical services; selling
electronic components; operating and acting as an agent of importing and
exporting various kinds of commodities and technology, excluding the goods
forbidden by the government.
SC is mainly engaged in manufacturing and selling power electronics
equipment.
Brand: NR
SC’s products mainly include:
Integrated Secondary System
Power Electronics Applications
Flexible HVDC Transmission
SC sources its materials 100% from domestic market, mainly Jiangsu. SC sells 70% of its products in domestic market, and 30% to overseas market, mainly U.S.A., Europe, Mid East, Southeast Asia, etc.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
Staff &
Office:
--------------------------
SC is known to have approx. 1,300
staff at present.
SC owns an area as its operating office & factory of approx. 330,000
sq. meters at the heading address.
RELATED COMPANY
SC is known to have
5 offices at present,
Beijing Office
Guangzhou Office
Shandong Office
Wuhan Office
Shenyang Office
Xi’an Office
PAYMENT
Overall payment appraisal: ( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be determined
The appraisal serves as a reference to reveal SC's payments habits and
ability to pay. It is based on the 3
weighed factors: Trade payment experience (through current enquiry with SC's
suppliers), our delinquent payment and our debt collection record concerning
SC.
Trade payment experience: SC did not provide any name of
trade/service suppliers and we have no other sources to conduct the enquiry at
present.
Delinquent payment record: None in our database.
Debt collection record: No overdue amount
owed by SC was placed to us for collection within the last 6 years.
BANKING
The bank information of SC is not filed in SAIC.
FINANCIALS
The financials of SC is not available in
local SAIC, and SC also refused to release the detail.
CONCLUSIONS
SC is considered large-sized in its line with a development history of
19 years.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.34 |
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1 |
Rs.99.18 |
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Euro |
1 |
Rs.80.76 |
INFORMATION DETAILS
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Analysis Done by
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SUM |
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Report Prepared
by : |
NNA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major sections
of this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.